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Mar 9, 2011

Financial And Forex Info: South China Morning Post: Growth in mainland car sales hits brakes after 2 years racing away
Thursday, March 10, 2011

After two years of stimulus-fuelled, double-digit increases, growth of car sales on the mainland slowed to a crawl last month. Carmakers shipped 967,200 passenger cars to dealers last month, a 2.6 per cent increase from a year earlier and the slowest rate of sales growth since January 2009, according to data released by the official China Association of Automobile Manufacturers.

Last month's sales were down 37 per cent from January's 1.53 million units. The fall-off reflects the expiration of a number of government car purchase rebates and subsidies that expired at the end of last year, as well as the impact of a seasonal slowdown over the Lunar New Year holidays last month.
Shanghai GM remained the biggest manufacturer of passenger cars by sales, with 71,500 units shipped last month, down 41 per cent from January. Second-place Shanghai Volkswagen shipped 67,100 cars, down 31 per cent from January, while FAW-Volkswagen shipped 40,800 cars, a decrease of 58 per cent from the previous month.
By passenger car type, sales of sedans rose 1.7 per cent from a year earlier to 633,600 units last month. Sales of crossover type vehicles fell 11.3 per cent to 199,000 units, sales of sport utility vehicles rose 49.5 per cent to 105,200 units and sales of multi-purpose vehicles including minivans rose 16.5 per cent to 29,400 units.
Pre-Lunar New Year buying probably helped January's sales figures and hurt February's, as many mainlanders like to purchase new cars ahead of the week-long holiday in order to show off to family and friends.
Moreover, a backlog of orders from December as buyers rushed to beat the end of various buying incentives also contributed to January's stronger sales growth. But filling of back-orders appears to have trailed off dramatically last month.
Analysts are awaiting this month's sales figures for a clearer picture underlying demand following the end of the stimulus measures.
A host of tax cuts, rebates and subsidies that Beijing put in place throughout the financial crisis ended on January 1 this year. Those measures included a reduction in the 10 per cent purchase tax for cars with engines smaller than 1.6 litres, a "cash for clunkers" programme offering rebates to replace old vehicles, and a "cars for the countryside" scheme subsidising car buyers in rural areas.
But one key policy remains in place - a nationwide 3,000 yuan (HK$3,555) subsidy for purchases of cars with engines of 1.6 litres or smaller was introduced in July of last year and continues to help boost demand for fuel-sipping models.

Financial And Forex Info: Daily Treasury Yield Curve Rates

Daily Treasury Yield Curve Rates
Date1 mo3 mo6 mo1 yr2 yr3 yr5 yr7 yr10 yr20 yr30 yr
Wednesday Mar 9, 2011,
* 30-year Treasury constant maturity series was discontinued on February 18, 2002 and reintroduced on February 9, 2006. From February 18, 2002 to February 8, 2006, Treasury published alternatives to a 30-year rate. See Long-Term Average Rate for more information.
Treasury discontinued the 20-year constant maturity series at the end of calendar year 1986 and reinstated that series on October 1, 1993. As a result, there are no 20-year rates available for the time period January 1, 1987 through September 30, 1993.
Treasury Yield Curve Rates. These rates are commonly referred to as "Constant Maturity Treasury" rates, or CMTs. Yields are interpolated by the Treasury from the daily yield curve. This curve, which relates the yield on a security to its time to maturity is based on the closing market bid yields on actively traded Treasury securities in the over-the-counter market. These market yields are calculated from composites of quotations obtained by the Federal Reserve Bank of New York. The yield values are read from the yield curve at fixed maturities, currently 1, 3 and 6 months and 1, 2, 3, 5, 7, 10, 20, and 30 years. This method provides a yield for a 10 year maturity, for example, even if no outstanding security has exactly 10 years remaining to maturity.
Treasury Yield Curve Methodology. The Treasury yield curve is estimated daily using a cubic spline model. Inputs to the model are primarily bid-side yields for on-the-run Treasury securities. See our Treasury Yield Curve Methodology page for details.
Negative Yields and Nominal Constant Maturity Treasury Series Rates (CMTs). Current financial market conditions, in conjunction with extraordinary low levels of interest rates, have resulted in negative yields for some Treasury securities trading in the secondary market. Negative yields for Treasury securities most often reflect highly technical factors in Treasury markets related to the cash and repurchase agreement markets, and are at times unrelated to the time value of money.
As such, Treasury will restrict the use of negative input yields for securities used in deriving interest rates for the Treasury nominal Constant Maturity Treasury series (CMTs). Any CMT input points with negative yields will be reset to zero percent prior to use as inputs in the CMT derivation. This decision is consistent with Treasury not accepting negative yields in Treasury nominal security auctions.
In addition, given that CMTs are used in many statutorily and regulatory determined loan and credit programs as well as for setting interest rates on non-marketable government securities, establishing a floor of zero more accurately reflects borrowing costs related to various programs.
For more information regarding these statistics contact the Office of Debt Management by email at

Financial And Forex Info News: Daily Treasury Bill Rates

Wednesday Mar 9, 2011
Daily Treasury Bill Rates: These rates are the daily secondary market quotation on the most recently auctioned Treasury Bills for each maturity tranche (4-week, 13-week, 26-week, and 52-week) that Treasury currently issues new Bills. Market quotations are obtained at approximately 3:30 PM each business day by the Federal Reserve Bank of New York. The Bank Discount rate is the rate at which a Bill is quoted in the secondary market and is based on the par value, amount of the discount and a 360-day year. The Coupon Equivalent, also called the Bond Equivalent, or the Investment Yield, is the bill's yield based on the purchase price, discount, and a 365- or 366-day year. The Coupon Equivalent can be used to compare the yield on a discount bill to the yield on a nominal coupon bond that pays semiannual interest.
For more information regarding these statistics contact the Office of Debt Management by email at

Financial And Forex Info News: Daily: Treasury Long-Term Rates .

Wednesday Mar 9, 2011, 5:13 PM
Treasury Long-Term Average Rate and Extrapolation Factors. Beginning February 18, 2002, Treasury ceased publication of the 30-year constant maturity series. Instead, from February 19, 2002 through May 28, 2004, Treasury published a Long-Term Average Rate, "LT>25," (not to be confused with the Long-Term Composite Rate, definitions below). In addition, Treasury published daily linear extrapolation factors that could be added to the Long-Term Average Rate to allow interested parties to compute an estimated 30-year rate. On June 1, 2004, Treasury discontinued the "LT>25" average due to a dearth of eligible bonds. In place of the "LT>25" average, Treasury published the Treasury 20-year Constant Maturity rate on this page along with an extrapolation factor that was added to the 20-year Constant Maturity to obtain an estimate for a theoretical 30-year rate. On February 9, 2006, Treasury reintroduced the 30-year constant maturity and is no longer publishing the extrapolation factor.

The Economist March 9th 2011: A selection of new stories

Gulliver: Aviation security and the naked truth

Democracy in America: Patriotism and crop subsidies

Free exchange: Set cities free, and connect them

Daily chart: Defence budgets

French politics: The rise of Marine Le Pen

Baobab: Arriving in Abidjan

Online debate: Slow and steady innovation wins the race?

Financial And Forex Info | Reuters - Daily Investor Update: Chip sector losses hit Nasdaq; IBM supports Dow.

Chip sector losses hit Nasdaq; IBM supports Dow
NEW YORK (Reuters) - A weak outlook from Texas Instruments weighed on the Nasdaq on Wednesday and pushed an index of chip makers below a key technical level in a worrisome sign for the market's six-month uptrend. | Full Article

Special Report: Warren Buffett's China car deal could backfire
March 09, 2011 11:48 AM ET
NEW YORK/DETROIT/HONG KONG (Reuters) - An ordinary American investor would probably not put money into a foreign electric car start-up suspected of openly copying competitors, let alone one whose franchised dealers occasionally put other companies' logos on its own vehicles. | Full Article
HCA IPO expected to price at $30, oversubscribed
March 09, 2011 04:19 PM ET
NEW YORK (Reuters) - Shares of private equity-backed HCA Holdings Inc, the biggest U.S. for-profit hospital chain, are expected to price at $30 in an oversubscribed initial public offering on Wednesday, sources with direct knowledge of the situation said. | Full Article
PIMCO Total Return dumps government-related debt
March 09, 2011 02:40 PM ET
NEW YORK (Reuters) - The world's largest bond fund dumped all of its U.S. government debt in the biggest signal yet of how negative investors have become about the U.S. Treasury market. | Full Article
Greed drove Rajaratnam's network: prosecutor
March 09, 2011 03:20 PM ET
NEW YORK (Reuters) - A U.S. prosecutor told a jury that greed drove hedge fund manager Raj Rajaratnam to establish a corrupt network of people to trade on inside information and make millions in illegal profits, as the trial got under way in the biggest Wall Street insider trading case in a generation. | Full Article

Fierce fighting across Libya as government sends envoys
March 09, 2011 03:57 PM ET
TRIPOLI (Reuters) - A Libyan fighter said rebels had retaken the heart of the closest city to the capital from forces loyal to Muammar Gaddafi on Wednesday evening in some of the fiercest fighting in almost three weeks of clashes. | Full Article
China and Russia drive growth in world's billionaires
March 09, 2011 04:27 PM ET
NEW YORK (Reuters) - Rising steel and oil prices in Russia, more honest disclosure in Brazil and booming economies in China and India have fueled a spike in billionaires in the so-called BRIC countries. | Full Article
House panel to examine Muslim radicalization
March 09, 2011 10:55 AM ET
WASHINGTON (Reuters) - The House of Representatives will investigate radicalization in the American-Muslim community, sparking outrage that the probe is a witch hunt akin to the 1950s anti-Communist campaign. | Full Article
Americans see U.S. on wrong track: Reuters/Ipsos poll
March 09, 2011 01:46 PM ET
WASHINGTON (Reuters) - Americans' confidence in the way the country is going has slumped to a two-year low in the last month, and one pollster blamed soaring gas prices. | Full Article
Accused Tucson killer pleads innocent to new charges
March 09, 2011 04:09 PM ET
TUCSON, Ariz (Reuters) - Tucson shooting rampage suspect Jared Loughner pleaded not guilty on Wednesday to an expanded, 49-count indictment charging him with murdering a federal judge and trying to assassinate Congresswoman Gabrielle Giffords. | Full Article

MarketWatch: Personal Finance Daily Investing for the years ahead, bull market or no

Personal Finance Daily
MARCH 09, 2011

Wednesday's Personal Finance stories

By MarketWatch

Don't miss these top stories:

Two years ago today, many people ran from the stock market and never returned, thus missing out on the bull market that followed. Now the question is: Will the run up in stocks continue? Who knows? The key for long-term investors is to make sure you have an investing plan, and an asset allocation, you can live with.

Read our special report today for more, including Chuck Jaffe's column on why your focus shouldn't be on today's anniversary but on your long-term goals, and Jonathan Burton's column on how to make money in the bull market's third year.

Plus, don't miss our story on how consumers are wasting their money, and potentially endangering their health, by buying counterfeit drugs from online pharmacies. MarketWatch's Val Kennedy offers some tips on how to stay safe when buying your medications online. Did you know that scammers in other countries often set up their Web sites to look like they're Canadian? Apparently, U.S. consumers trust images of maple leaves and Canadian flags.

Andrea Coombes , Personal Finance editor


How to make money in the bull market's third year

The bull market celebrates its second anniversary on Wednesday, and while the honeymoon may not be over for stock investors, the champagne could lose some fizz.
Read more: How to make money in the bull market's third year.

Bull-market birthday is no reason to invest

It's the two-year anniversary of the bull market, and investors are still worried. But with the market potentially ready to reach an inflection point, the key is to balance fear and greed — and not to give in to either.
Read more: Bull-market birthday is no reason to invest.

How bull market stacks up against history

Even if this bull market were to come to an end today, its second birthday, it would still go down in history as one of the most powerful in U.S. history.
Read more: How bull market stacks up against history.

Investor lessons as bull market turns two

The gloom of March 2009 is no longer with investors, but lessons should be noted to prevent history from repeating itself.
Read more: Investor lessons as bull market turns two.


High gas prices force consumer cutbacks

One in three MarketWatch readers says high gasoline prices are already crimping budgets and most agree the pain will get worse before it gets better.
Read more: High gas prices force consumer cutbacks.

Internet drug scams can make you sick

Bogus Web sites selling counterfeit drugs are thriving in the economic downturn, experts say, and their products can hazardous to your health. Here are tips to stay safe.
Read more: Internet drug scams can make you sick.

Move over, Apple! My tablet cost $200

A lot of people are likely to stand in line to pay $500 or more for Apple's iPad 2 when it goes on sale Friday.
Read more: Move over, Apple! My tablet cost $200.


Gold investors: Time to take your profits

Gold may have some upside potential over the next few months, but the runup isn't going to last forever.
Read more: Gold investors: Time to take your profits.

An investor's guide to the Middle East

James Anderson's investing insights for navigating the latest headlines in the Middle East.
Read more: An investor's guide to the Middle East.


Obama taps Locke as U.S. envoy to China

President Barack Obama nominates Commerce Secretary Gary Locke, a Chinese-American and former governor of Washington state, as U.S. ambassador to China.
Read more:

Deficit gang warfare in the Senate

The bipartisan group of senators sounding the alarm on the budget deficit isn't about achieving a compromise, but about tilting the balance in the Senate toward radical, largely unjustified budget cuts.
Read more: Deficit gang warfare in the Senate.

We should slash welfare for the wealthy

To help balance the budget and make the economy more efficient, we should eliminate wasteful government subsidies that mostly go to the richest among us.
Read more: We should slash welfare for the wealthy.

NPR CEO Schiller resigns

Vivian Schiller, the embattled president and chief executive of National Public Radio, has resigned, the network said Wednesday.
Read more: NPR CEO Schiller resigns.

Evening Market Wrap

Evening Market Wrap
Wednesday, March 9, 2011

Stocks saw a mixed close on Wednesday, with the still unresolved turmoil in the Middle East and North Africa leaving the markets looking for direction. The lack of first-tier economic data also contributed to the pause by the marketplace, with corporate news guiding the majority of stock moves. (Mar 9, 2011) Full Article
Economic News
Wholesale inventories in the U.S. crept upward again in January, ticking up by slightly more than economists had predicted, according to figures released by the Commerce Department on Wednesday. Inventories of merchant wholesalers rose by 1.1 percent to $436.9 billion at the end of January, up 11.9 percent from the previous year's figure. (Mar 9, 2011) Full Article
Corporate News
Department stores operator Bon-Ton Stores Inc. (BONT) Wednesday reported a higher fourth-quarter profit, reflecting mainly lower expenses. The company also provided income per share outlook for fiscal 2011, which is above market consensus. For the fourth quarter, the York, Pennsylvania-based company's net income increased to $85.04 million or $4.41 per share from $80.3 million or $4.34 per share in the previous year. (Mar 9, 2011) Full Article
Teen clothing retailer American Eagle Outfitters, Inc. (AEO) on Wednesday reported about 47 percent increase in fourth-quarter profit, despite a 4 percent drop in revenues, as costs and expenses declined year-over-year. The company guided first-quarter earnings at the lower end of analysts' estimates and said separately that its chief executive officer James O'Donnell plans to retire. The Pittsburgh, Pennsylvania-based company's net income for the quarter increased to $87.04 million or $0.44 per share from $59.32 million or $0.28 per share in the prior year and was significantly higher than $33.02 million or $0.17 per share earned in the third quarter. (Mar 9, 2011) Full Article
Children's clothing retailer Children's Place Retail Stores (PLCE) Wednesday reported a decline in fourth-quarter profit, hurt by lower sales. However, adjusted earnings exceeded market expectations helped by cost reductions and gross margin expansion. The company also provided earnings per share outlook for the first quarter and fiscal 2011, both below Street consensus. For the fourth quarter, the Secaucus, New Jersey-based company's net income declined to $32.15 million or $1.22 per share from $34.11 million or $1.23 per share in the previous year. (Mar 9, 2011) Full Article
Navistar International Corp.'s (NAV) first-quarter net loss attributable to the company was $6 million or $0.08 per share versus a profit of $19 million or $0.26 per share last year. Excluding the impact of costs to integrate its truck and engine engineering operation, adjusted net income attributable to Navistar International Corp. climbed to $12 million or $0.16 per share from $2 million or $0.03 per share a year earlier.Full Article (Mar 9, 2011)
Toyota Motor Corp. (TM, TYT.L), Wednesday revealed its new 'global vision' strategy to consistently achieve about $12 billion in operating profit annually and improve its sales in emerging markets, to make it at par with that of industrialized nations by 2015. The Japanese automaker is currently aiming to consistently achieve an annual operating return on sales of 5 percent or an operating income of about 1 trillion yen or $11.76 billion (at a yen/dollar exchange rate of 85 yen to the dollar) by 2015, with unit sales volume of 7.5 million vehicles. (Mar 9, 2011) Full Article
Political News
A majority of Americans favor cutting back on state programs and reducing the number of state workers in order to balance their state's budget, according to the results of a Gallup poll released on Wednesday. The poll showed that 65 percent of Americans favor reducing or eliminating certain state programs, while 62 percent favor reducing the number of workers on state payrolls. (Mar 9, 2011) Full Article
NPR President and CEO Vivian Schiller resigned on Wednesday amid the fallout from a hidden-camera video showing another NPR executive referring to the Tea Party movement as “racist” and “scary.” In a statement, the NPR Board of Directors said it has accepted Schiller’s resignation, which is effective immediately. The move brings an end to Schiller’s two-year tenure at the organization. (Mar 9, 2011) Full Article
President Barack Obama announced Wednesday that he is nominating Commerce Secretary Gary Locke to serve as the next U.S. ambassador to China. Locke will replace former Utah Gov. Jon Huntsman, whose departure has sparked rumors that he is interested in seeking the Republican nomination to challenge Obama in the 2012 Presidential election. Locke, if approved by the Senate, would become the first Chinese-American to serve as the country's liaison with China. (Mar 9, 2011) Full Article

NYT: Afternoon Business News: In Groupon's $6 Billion Wake, a Fleet of Start-Ups


In Groupon's $6 Billion Wake, a Fleet of Start-Ups

Since Groupon declined a Google buyout offer, hundreds of companies have launched, trying to emulate its business model by targeting narrow slices of the market.

Britain Arrests Seven in Iceland Bank Inquiry

The property developers Vincent and Robert Tchenguiz were among those arrested over their ties to the Icelandic bank Kaupthing, which collapsed in 2008.
App Smart

Cutting Through the Bother of City Parking

Some apps will help drivers find a space, decipher "alternate side of the street" parking rules and remember where the car is parked.

Dynegy's Bankruptcy Fears

Dynegy, which has warned for months about its financial troubles, says bankruptcy could be the next step if it cannot reach an agreement with its creditors.
Media Decoder Blog

NPR Leader Resigns After Outcry Over Video

Vivian Schiller's resignation comes after remarks by another NPR executive, caught on video, drew criticism.

Financial And Forex Info | The Australian Business Briefing

  update for Thu Mar 10 08:39:06 EST 2011
East Timor ups ante in LNG dispute
LNG platform EXCLUSIVE: Peter Alford, Jakarta correspondent EAST Timor is threatening to cancel its historic treaty with Australia covering the Greater Sunrise liquefied natural gas development.
House prices don't top RBA worry list
Housing construction positive Jason Douglas RBA governor Glenn Stevens said today that he wasn't very worried about the prospect of a collapse in the country's housing market.
Bond king dumps all US bonds for cash
Pimco Bill Gross Min Zeng BOND king Bill Gross has unloaded all US government-related holdings, which include Treasuries, in the world's biggest bond fund.
NZ cuts rates to cushion quake impact
Alan Bollard UPDATED Rebecca Howard NEW Zealand's central bank cut interest rates by 50 basis points to 2.5 per cent in a bid to cushion the blow of the earthquake last month.
Asahi's soft drinks play blocked
Asahi Andrew Main THE national regulator has knocked back Asahi Holdings' $364 million bid to take over the third force in local soft drinks.
'Oil shock' is scaremongering: Citigroup
oil Tracy Lee OUTSPOKEN economist Willem Buiter has dismissed as scaremongering the notion that the unrest in Libya and the Middle East will lead to an oil shock that could crimp global growth.
Toyota shake-up targets hybrid cars
Toyota Chester Dawson and Yoshio Takahashi TOYOTA has shaken up its management team in a move to sharpen its focus on hybrid vehicles but is "not ready" for non-Japanese board members.
Mugabe to seize control of mines
aus bus pixMugabe Jan Raath PRESIDENT Robert Mugabe is about to seize control of Zimbabwe's foreign-owned multi-billion-dollar mining industry.
Financial Markets
Wall St dips as investors ponder risks
Wall St Kristina Peterson US edged narrowly lower today as tensions in Libya trapped trading in a tight range on the two-year anniversary of the bull market's start.
Oil markets split over Libya, stocks
Bond king dumps all US bonds for cash
Financial Markets Coverage
Mining & Energy
Mugabe to seize control of mines
aus bus pixMugabe Jan Raath PRESIDENT Robert Mugabe is about to seize control of Zimbabwe's foreign-owned multi-billion-dollar mining industry.
Oil markets split over Libya, stocks
Rates uncertainty clips gold's gains
More Mining & Energy Coverage